New cryptocurrency app Ziglu experienced “record growth” under lockdown

Unless you’ve been living under a rock, you will have noticed that cryptocurrencies have been booming lately and one of those capitalising on the recent rise is crypto trading platform Ziglu.

Founded by Mark Hipperson—Ziglu is the latest cryptocurrency platform to vie for a slice of the crypto trading pie.

In 2020, the fledgling fintech claims to have doubled its customer base—although despite our probing for more details, Ziglu declined to reveal to AltFi just how many customers it now has. 

According to the app, a combination of Covid-19 lockdowns and the huge increase in the value of Bitcoin and other cryptocurrencies, like Ethereum and Dogecoin, has helped it grow its customer base. 

“The coronavirus crisis has accelerated growth in the retail cryptocurrency market by at least five years. Many people have been working from home or furloughed and with more time on their hands have started to buy cryptocurrencies for the first time,” Hipperson said. 

“Much of the increased activity in cryptocurrencies has been driven by people that are new to the market, and they tend to seek an environment that allows them to safely and securely explore cryptocurrencies,” he added.

Nearly half of Ziglu’s customer base (46 per cent) are aged between 18 and 25 and just shy of three quarters (74 per cent) are under 35. 

Despite making up the majority of its customer base, it’s actually those over 40 that are splashing the cash through Ziglu.

People over 40 make up 18 per cent of Ziglu’s customer base, but the average value of their transactions is nearly seven times higher than those aged 18 to 25, no doubt it’s due to a lack of disposable income in the younger users.

According to Ziglu, roughly 80 per cent of its users are new to cryptocurrency trading, while the remaining 20 per cent have switched over from some of its competitors. 

During the past year, the app also said that 37 per cent of those using Ziglu’s platform said they increased the amount of crypto they bought and sold, with ten per cent saying they dramatically increased the amount they were buying and selling.

Officially launching to the public in June 2020, Ziglu is one of the first companies to received accreditation from the Financial Conduct Authority (FCA) as a crypto-asset firm.